Religare Enterprises executive chairperson Rashmi Saluja and several other executives are under the Enforcement Directorate’s (ED) scanner. The agency has questioned Saluja and her executives over the financial services company’s alleged involvement in a money laundering case, the Economic Times reported, citing sources.
The financial services firm’s head was reportedly questioned by the agency on December 17 after a summons was sent to her under Section 50 of the Prevention of Money Laundering Act (PMLA). The agency is likely to continue with another round of interrogation, ET reported.
This comes months after an FIR was filed against the chairperson, former Religare finance chief Nitin Aggarwal and general counsel Nishant Singhal by the ED in September last year. The move by the agency came after the statement of a Religare shareholder, Vaibhav Gawli, was recorded under Section 50 of the PMLA.
Background and Burman Family’s Alleged Role
Earlier the agency alleged that Saluja and her other executives encouraged the shareholder Gawli to file an FIR against former directors Malvinder and Shivinder Mohan Singh and accuse them of conspiring with the Burman family in a misappropriation of the company’s assets.
The Burman family, the promoter of Dabur, held 25 per cent stake in Religare and was eyeing to up its stake by another 26 per cent. A move that was and still is unwelcome by the current management, as following the acquisition, the family’s total stake in Religare will surpass 50 per cent and will have majority control.
The directorate also alleged that Gawli was paid Rs 2 lakh in return for the FIR.
Prior to this, ED conducted searches at multiple places in connection with Religare’s executives, including the chairperson and confiscated several documents in August last year. The agency accused the executives of making unlawful gains by misappropriating Religare’s funds to subscribe to rights issues of the Care Health Insurance.
Amidst the ongoing ED investigation against the current management, the Reserve bank of India and the securities and exchange board of India (SEBI) have given the regulatory nod to the Burman family to acquire an additional 26 per cent stake in Religare Enterprises.
